US Sanctions on Chinese and Russian Firms Over North Korea

The current Secretary of the US Treasury under the Trump administration, Steve Mnuchin, has announced on Tuesday new North Korea sanctions on 16 Chinese and Russian companies and individuals that have supported the country economically and in trade.

The new North Korea sanctions are in addition to the ones already imposed by the UN security council earlier this month and are intended to further prevent them from funding its nuclear development program.

Companies Hit By The North Korea Sanctions

According to the US. Treasury Department, at least three Chinese companies are responsible for importing half a billion dollars of coal from North Korea.

It also pointed at three Russian companies, four Russian individuals, and two companies in Singapore that are providing oil to the North Koreans.

The 16 entities targeted by the new sanctions are either doing business with companies and individuals that have been sanctioned before or work with the North Korean government and the energy sector.

The US Treasury Department says that North Korea’s illegal nuclear program has three major funding sources; oil trade, coal trade, and their foreign worker program that they use to facilitate workers abroad to evade the international financial curbs.

Over the last months, President Trump has criticized China for “not doing enough” to stop North Korea from developing their nuclear program any further.

Treasury Secretary Steven Mnuchin said in a statement:

“It is unacceptable for individuals and companies in China, Russia, and elsewhere to enable North Korea to generate income used to develop weapons of mass destruction and destabilize the region. We are taking actions consistent with UN sanctions to show that there are consequences for defying sanctions…

Treasury will continue to increase pressure on North Korea by targeting those who support the advancement of nuclear and ballistic missile programs, and isolating them from the American financial system.”

The new North Korea sanctions came right after they launched yet another threat to the US and South Korea over the ongoing military drills.